Brighton & Hove Seaside Community Homes Limited TRUSTEES'IDIRECTORS, REPORT AND FINANCIAL STATEMENTS for the year elided 31 March 2024 Chnrily Yegistrnlion number ND. 1133436 Co]Mpan Registration No. 06861227
Cl)arily registration iiun)ber No. 1133436 Conipaiiy R¢8istralion No. 0686l227
Brighton & Hove Seaside Community Homes Limited LEGAL AND ADMINISTRATIVE INFORMATION DIRECTORS J D Allen C J Carlisle (Cliair) C l El-shabba L J Holden M A Jasper E M Loughran C Moquet K fvl Pi¢kell P S Ivoodgate CHIEF EXECUTIVE OFFICER S Bulbeck Co1pANy NUMBER 06861227 CHARITY Nu[BER 1133436 REGISTERED OFFICE Unil F, Hove Technology Ceiitre Si Josepli's Close Hove AND oPETIONs ADDRESS East Siissex BN3 7ES AUDITOR Chariot Hoiise Limited, 44 Grand Parade Brighioii East Siissex BN2 9QA SOLICITORS Troivers & Hainlin 3 Buiihill Roiv London ECIY 8YZ BANK Santaiider UK PIC 2 Trilon Sqiiare Regent's Place Lundoii NIVI 3AN FINANCIAL ADVISORS RSM Corporate Fiiiaiice LLP th 6 Floor 25 Farringdon Sireel Loiidon EC4A 4AB
Brighton & Hove Seaside Community Homes Limited TRUSTEES, AND DIRECTORS, REPORT For the yeai. ended 31 March 2024 The Iruslees. Ivho are also directors of the charity for tlie Plirposes of the Con)panies Acl, presei)I their ani)ual report and tlie fiiiancial statemeii15 for Ilie year ended 31 Nqiirch 2024. The Iruslees confirni that these accounts coiiiply lviih current slaliilory reqiiirenieiilg, th¢ Finaiicial Reporting Standard applicable in the U.K. and Repiiblic of Irelaiid (FRS102) (effective froI)Tr l Janliary 2019) folloiving the Cl)arilies SORP, and iviih the terms of the conipany'5 Nleinorandiini and Articles of Associalioii under ivhich it is governed. The tnistees have had due regard lo the public benefit guidance piiblished by the Charity Comniission. STRUCTURE Tlie charity is a coiiipany limited by guarantee and registered under rlie Conipanies Aet 2006, regisiraiion niii)Iber 06861227, arid is govenied by a fvlemorandiini and Articles of Association Il)at delern)ine its legal fran)eivork. It ts a registered charity. niimber 1133436, Th¢ conipilliy ivas incorporated on 27 March 2009 and is regÉslered in England and Ivales. It ivas registered as a charity 0114 Janiiary 2010. Tlie charity is a Public Benefit Entity. TRUSTEES The folloiving trustees have held office since l April 2023.. J D Allen C J Carlisle C l El-shabba L J Holden M A Jasper E L Loii£hran M B Nlears C Nloquel A Phillips K Pickell G Williaiiis P S Woodgate (Appointed 30106123} (Appointed 12105123) (Appointed 12105123) (Appointed 19106123) {Re5i8ned 12106123) {Re5igned 116123) (Appointed 06107123) (Resigi)ed 18141231 STRUCTURE, GOVERNANCE AND fvIANAGEfvIENT BOARD OF TRUSTEES (DIRECTORS) The board of Irlislees is responsible for Ihe slrRlegic direclioi), Eovernan¢e, and performai)¢e n)oniiOrirtg of the orgxnisalion. It meets six liiiies per Yer. Uiider the reqiiirenients of tlie Memorandiini aiid Arlicle5 Of Assoei£i1ion, board iiieiiibers are comprised of Briglilon & Hove City Coui)cillors, Council Tenan15, Aiid Independents. To be quorale tliere musl be al 1¢¢1SI five boll rd iiiemb¢rs preseiil ivlien board decisions Hre Inade, The day-lo-dAy iiiai)ageinenl of the organisalion is delegated lo Ilie C'hief Execiilive. RECRuITlENT AND APPOINTNqENT OF TRUSTEES {DIRECTORS) CoLincillor board tneinber5 are appoiiiled by Brigliton & Hove City Coiiiicil IBHCC). Tlie couiicil has Ilie riElit lo api)oinl aiid reiiiove tl)e council board Ineii)b¢rs independeiit of aiiy rights coiincil company rneillbers may have. Coiiiicil Tenants iiiay Serve Iliree ternis of tliree years. Tliey are elected to the board as resiili of selection by COLincil leni£ nl area panels. Independents are recriiiled by ivay of opel) advertisemei)l and may serve tliree terms of three years. Tl)ey %r¢ recrliiled for Il)eir leclinical expeitise in relevant areas SLICII <1S IIoLisiiig, laiv, development. fiiianee, and l)Liinai) resoiirces. All tr1151ees receive an iiidiiclion briefing iviih referei)ce lo relevant documeiils including exlen)al giiidlince aiid are encoiiraged to alleiid training in relt)lioii lo their responsibililie5 as a Iriistee. All trLislees give tlieir lin)e volLinlaril)' aiid receive no benefits.
Bi-ighton & Hove Seaside Community Hornes Limited TRUSTEES, AND DIRECTORS, REPORT For the yeai. ended 31 March 2024 REMUNERATION OF SENIOR STAFF The pay of senior staff is set by the board of Irlislees. In vieiv of the nLliire of the charity, the coillplexity of ils financial n)odel and the expertise required, the twslees benchniarked against senior housing roles in the piiblic sector. PARTNERSHIPS Tlie company ivorks in partnership ivith Brighton & Hove City Coui)cil lo deliver Services that effectively address hotnelessness in Brighton & Hove. The partnership is A key factor in the siiccess of the organisalion so farand is esseiilial to continuing provision of 5uilable siib-market rented hoiising for homeless people. PUBLIC BENEFIT The Charities Act 2011 r¢qiiires all charilies lo consider expli¢illy hoiv dieir charitable aims llre carried out for the piiblic benefit. The board of ITiislees must,. ensiire that Iliey cary out tlie aims of Brighton & Hove Seaside Conimunity Honies for the public benefit. have regard lo the Charity Commission's giiidaiice on public benefit. and repori on Brighton & Hove Seaside Coillmiinity Hort)es' piiblie benefit iii the triistees, annual report. The board of trustees has considered tl)ese requiremeiils aloii85ide the company's cl)arilable piirpose and its aclivilies, all of i¥hich are detailed in this report. It is salisfied that Ilie con)pany has charitable aiins that are carried out for the public benefit, in particular.. the benefits to individuals and families are clear and iii line with the conipany's cliarilable objectives, the beneficiaries are entirely appropriale 10 the aims. and there 15 no private benefit. BENEFICIARIES Tlie ¢oi)Ipniiy coinmenced ils main aclivilies on l Noven)ber 201 I, and at 11)e lini¢ of ivriting this report the company has acqiiired Aiid reflirbished 499 properties, Ivhicli have beeii SLibseqiienily lel lo liomeless siiigle people or Iionieless ramilies. RISK ffANAGEMENT AND INTERNAL CONTROLS The board of Ir115tees is responsible for ensuring that the coii)pany operates effectively and acl)ieves its objectives. Tlie board acki)oivledg¢ their uliiinale r¢spoiisibility for en511ring th#1 the conipai)y lias in plllce a soiind system of internal ¢ontrols Ihtlt are appropriate to the vari0115 biisiness environnienls in ivhich il operates. These coiilro15 fociis on the significant risks that tlireaten the conipany'5 ability lo nieet ils obje¢live5 and provide reasonable assurance iviil) respect lo: 11)e reliability of key informalion and perlormance indicators used ivitl)iii 11)e coinpany or for piiblicalioi). the niainlenance of proper records. the Safeguarding of assets a8ainsl iiiiaiiihorised use or disposal. <ind 11)e coiiipany's coinpliaiice ivitli relevant laivs aiid regiilation5, The bo<ird are confid¢nl that procedures are in place that e(feclively identify risks that niighl prevent Ilie coiiipany achieving its objectives and that these proc¢dure5 Inanage siich risks lind Miligale Ilieir effects. The conipany has n)ai)agemeiit arraiigeinents, resoiirces, skills, ajid Systems that are appropriate to the circiimslances, scale aiid scope or ils operalioiis and ensiires Ilial ils activities are bAcked by proper sysleins of assiirance for inlenial control. The niajor risks, lo ivhicli the compaiiy is ekposed, as identified by the Iriistees. have been revieived and systems or pio¢¢diir¢s have beeii establish¢d lo inanage those risks. The company's risk n)&iiagement and risk idenlificalioii aciivilies provide assiiraii¢e Ilial Ilie coiiipany is focusiiig oli aiid identifying the key risks that Ilireaten the attftinfflent of the company's business objective5. Activiti¢5 coiiipri5e'.
Brighton & Hove Seaside Community Homes Limited TRUSTEES, AND DIRECTORS, REPORT For the year ended 31 Mai'ch 2024 Ihe maiiilenan¢e of a risk register An annual review of fiiiancial contro15 a quarterly review of Ilie principal risks and uncerlainlies that 11)e coi)Ipany faces. Ilie establishmeiit of poli¢i¢s> Systems, and procedures to Iniligale those risks- and the implernenlalion of procediires desigiied 10 mii)ii))ise or niaiiage any potential iiiipact on the compai)y sl)ould those risks malerialise. Thes¢ a¢tiviii¢s have identified that the key financial risk for the conipany is iiieeling ils loan covenants sel out in ils Facility Agreement. The key elemeIil of t))anaging this risk is close monitoring and revieiv of the company's perfori))aiice againsi the financial niodel agreed %viih ils lender, by senior man¢igetnenl and financial advisors, ensiiring that there t¢re sufficient funds lo cover the compaiiy's fuluie fit]an¢ial ¢ommilm¢nts. Allenlion has also been fociissed on non-financial risks arising froin Health & Safety responsibilities, Tliese risks are InaiiAged by rJ)oiiiloriiig th¢ perforniance of the nianagiiig agent throiigh key perfomiance iiidicators lo ensure compliance with Healih & Safety legislalioi). Specifically focLissing on Gas Safety. Elecirical Safety, Fire Safety, Asbestos Managemei)I, Legionella Management and Dainp, Nlould & Condensation. The board recognises that performaiice indicators have an iinporlaiit role in assiirance by alloiving the board lo assess ivhelher tl)e organisalion is meeting ils objective5. Key performanee indicators are reported to board nieelings. OBJECTIVES AND ACTIVITIES PRINCIPAL ACTIVITIES Tlie piin¢ipal &Clivilies of the coinpany are the redevelopmei)i and refiirbisliiiienl of enipty properties and Ilie ongoing provision of sub-niarkel rented acconiniodalion for homeless people or Ihose Ilir¢alened iviih homelessness. The cornpany lills acliieved aiid conliniies lo seek lo achieve these objectives by raising investment, leasing eoui)cil stock ii) need of refiirbishiiient,. refLirbisliing il lo Decent Homes Standards and Ilien iilili5ing il for Ilie piirposes of the ¢liarilable objectives of the eon)pany as sel oiil beloiv. BHCC liave beeii able lo re-invest Ilie capital receipl received for the leases into refiirbishiiig IOOQ/o of its oivii hoiising stock lip to Deceiil Homes Standards, CHARITABLE OBJECTIVES The objects for ivhich the conipaiiy is eslabli5hed are,. lo provide for reiit11011ses or hostels and any associLled an)eIiilies for persons in neces5110115 circiimslanccs iipon ienns appropriRle lo their niean5' to provide for aged, disabled {Ivhelher nienlHlly or physicAlly) or chroiiically sick persons in need thereof hoiis¢s or liostels and any associated an)enilies speci fically designed or adHpi¢d lo meet the disabilities and reqiiireiiienls of siich persoiis. lo provide services, advice or assislance Iipon lernis appropriate to their ni¢ans lo aged, disabled (Ivlieiher n)entally or physically) or ¢hroni¢ally sick persons iii iieed tELereof and providing aiiy associated amenities specially designed or adapted lo Ineel Ilie di5abililies aiid reqiiireinenls of 511ch persoiis- the r¢lief of povety anioiigsl the residei)ts of the local aiitl)orily area in ivlii¢h the company owns or n)aiiages h0115ill8 stock. tlie advai)ceinenl of edu¢alion, Iraiiiing or retraining, particularly aiiiong iiiien)ployed people Thnd providii)g Lineinployed people Kvitli ivork experieii¢e; and tlie n)ainlei)ance, improvement or provisioi) of public an)enilies for the public benefit ii) the iiileresls of regei)eratioii in areas of social ai)d econoinic deprivation in Ilie administmtioi) area ofthe Council. EQUALITIES AND INCLUSION The colpanY oper1L les eqiial opporliinity policies and procediires ii) all aspects of ils work. By impleiiieiitiiig Iliese policies and procedlires tlie colp¢nY seeks to ei)siire that it does nol discrii)iinate against ai)y per801) or oll)er orgaiiisalioii on the groLinds ofrace, disability, iiatiojiality, gender. sexiiality, age, religion, respoiisibilily lor
Brighton & Hove Seaside Community Hoines Limited TRUSTEES, AND DIRECTORS, REPORT For the year ended 31 March 2024 dependents. Iinr¢laled Criminal aclivilies, bein8 HIV positive or having AIDS slatLlS, or aiiy other niallers ivhich caiise a person lo be treated ivith injustice. Tlhe company 5eek51o folloiv best professional practice in relation lo equal opportiinities and to comply iviih al I relevant legi51atioii as well as Staliilory aiid other ole11 giiidance and codes ofpraclic¢. ACHIEVENfENTS AND PERFORMANCE The conipany comnienced its main activities on l November 2011 ivhen it leased its first baicli of sixly-one pioperlies. Since that lime, it has leased, refurbished, and brought back into use four liiindred and ninety-nine empty homes, niany of ivl)ich ¥vere a bliglil on the con7miinity. altracling aIili-sociil behaviolir and vaiidalisin. The iiiilial ii)ve81inenl of £28.5M brought all company hoiisinE UP to Decenl Honies Siaiidards and the capital receipt received by BHCC alloNv¢d the COLincil to do the same iviih its own housing stock. Tlie leasi1)8 and refurbishment of these properties provides a good qiiality, home for local single people and fainilies Ivho niay oiherivise be housed in Linsuilable temporary accommodation, or in Bed & Breakfa51, or in either of these 01115ide of Brighton & Hove, aivay from a hoL15ehold's support net¥vorks And services siich as GP'S 8nd local schools. All the con)pany's properties are lei al siib-markei rents and are self-conlained, Ineaning beneficiaries do not hAve lo share bathroorn and cooking facilities ivilh olli¢r holiseholds. Tlie compaiiy is the largest re5idenliJl leaseholder of COLincil properties in Il)e city ajid provides over 250/0 of the temporary housiii8 iiscd by BHCC for people in hou.sing need. It has hoiised 1,4()7 hou.%eholds sinee trading begai), and bllLLessfLilly nioved-on 107 tenants inln social housiiig in 2023124. Tlie average leiigih of slay for Iliese tenants Ivas tl)ree years and five moiiilis. Tl)e compAny lias appointed a nillna8iTig agent to maiiage 11)e properties 01) 115 belialf and agreed a set of key perforinance indicators lo ensiire ils service is delivered lo a liigh siai)dard. Tliese are provided ai)d revieNved on a nionlhly and quarterly basis. FINANCIAL REVIEW The company'5 priiicipal financial iiislriimeiils coinprise bank balances, trade debiors, trade creditors and loans lo 11)e coinpaiiy. Tlie ii)aii) piirpose of these instruments is lo fii)ance 11)e company's operations. The ¢onipany received £5,294,240 (2023: £5,160,484) in reveniie and liad £5,456,705 (2023: £5,332,059) oiilgoings in 2023124. aiid the resiili of tlie ye14 r ivas net expendiliire of £162,465 (2023: £171,575). Tlie company has a forly-year blisiness plan to cover the financing lind manii¥enient of 115 ciirrenl leasii)g prograinme. While the company ciirrenily has a deficit of reserves this ivill 8radually reverse in line ¥viih tlie projections froin Ilie detailed financial niodel ivhi¢h iinderpins ilie forly-year bLlSiness plaii, and a sigiiificanl Slirpliis 15 anticipated at the end of the project. The Iruslees are ple41sed 10 report that the biisiness plan aiid the fiiiaiicing arrai)geinenl iviili Sanlander indicate appropriate funding for Ili¢ coiiipany lo operate. As a r¢sull of Il)e assuraiice giveii by tli¢ robii%t fiiiancial forecast iviil)in Il)e detailed financial niodel (Ivhicli is siibjecl to additional external revieiv and aiiditing) Ilie board are satisfied that ilie company has adeqiiate resources to contiiiu¢ lo operate for Ilie foreseeabl¢ tuliire. On Iliis basis the priIiciple of a going concern has beeii operated in th¢ preparatioii of Ilie financial statemenly. RESERVES POLICY The long.lern) fiiiai)cial plan ai)d projections prepared have anlicipaled reserves, alihough Il)ese are in deficit al present Llnd ivill be for 50nie linie lo come. Hoivever, the board 15 keeii lo desigiiale parl of the cliarity's cash flinds lo be used for casli i'eserves and in ihe liglil of the iiiain risks to the organisalioii ha5 decided lo set aside three iiionihs overheads And operating costs plLlS rediindancy costs for su¢h a puipose. The generation of Iliese reserves vill eiiable the charity lo conliiiiie 10 511pporl the delivery of organisalional objectives providing workiiig capital fuiiding for runiiiiig costs a5 ivell as a biiffer for ui)foreseei) expeiidiliire, variations in casl) floiv ivhich ivill eiisiire that the conipany Cali conliniie service ilie debi ai)d coinply iviih all debt covenaiils.
Bi"ighton & Hove Seaside Communily Homes Limited TRUSTEES, AND DIRECTORS, REPORT For tlie year ended 31 March 2024 FUTURE PLANS Having eornpleled its progrRiiime lo lease and refiirbish properties for ihe use by honiele55 single people and hon)eless fan)ilies. the company's fociis is conceiilrated on ensiiriiig the suc¢es5 of Ihe prograninie in tern15 of ongoing qiiality ofaccommodatioii and servi¢¢ delivery, tenant engagement in tenms of improving Ilieir environments and ivell-beinE. and on consolidating ils p&rtnership ivork aiid relalioiisliips wilh ils key 51akeholders. Fuliir¢ 5trate8iC direction ivill see Ihe company fociis ils efforts on acquiriiig further properties to meet housing need in the Brighioii & Hove area. It has prodiieed a sel of proposals for Coiisideralion by ils key stakeholder and remains open lo fLiriher oppoi'lunities to provide other Services vviiliii) ils charilable objects. Hoivever, future plans to acquire furilier properli¢s have been, and are likely to conliniie to be delayed by, th¢ deGisioJi-Inaking processes and timescales of siaLehold¢rs and institiilions, acces5 to finance and possibly property market conditioiis. In addition lo ils Core activity the company continues to slreTigilien its infraslruclure aT]d capacity lo ensure sufficient siipport and sysleins are iii place to thrther ils charitable objects. The company is also focused on ensuring tlial tenants are provided with a meaningfiil voice. Teiianl Engi& gement aciivilies aiin lo enable tenants lo scrulini5e and feedback oil the services tliey receive, participate in activities that enrich their lives. and provid¢ opportiinilies for training. improving their eftviroi)menls ond increasing Ih¢ir iyell-being, Additionally the company maii)lains a clear focus on the health & safety of ils tenants, ensuring that the con)pany aiid ils l))ansigiiig ag¢nl lak¢ all necessary steps lo comply Nvilli legislation and good practice in the manageinenl and provision of ils homes. Tlie coi)IillE year ivill see Il)e ¢ompAny inve.st in providing HrJu.sing.Relaied Siipporl for tenants impacted by the Iv¢lfare-b¢n¢lil cap iviih a vieiv 10 niiligating ils impact on hoiiseliolds, TRUSTEES, RESPONSIBILITIES The lrnslees (Ivho are also director5 of Brighton and Hove Seaside Cominunity Homes Liiniled for the purposes of eoihpai)y laiv) are responsible for preparii)g the Triislees, and Directors, report and tl)e fiTiancial slalemeiils iii accordance iviih applicftble lttiv ai)d Urtited Kingdoiii Accoiinling Standards (Uiiiled Kingdon) Generally Accepted Accuiinliiig Praclicel. Company laiv reqiiires tlie directors lo prepare fin?( iicial stalen)enls for eacli financial year ivl)iLh give a IriiL Mnd fair vieiv of Ilie slate of afyairs of the conipany aii(l of the incomiiig resources and Application of resourccs, iiicluding th¢ income and expeiidilure, of Ilie ¢ompxlly for Ihftl period. In prepariiig these financial stalemenls, the Inistees are required to.. Select 5Ultable llccoiinlii)g policies aiid then apply them ¢on5islenily,' observe the mell)ods and prin¢iples in the c.harities SORP (FRS 102); make jiidgeinents and estimates that are Teasoiiable and prudent: 51ale ivheiher applicable ftccounling standards have beeii folloived, siibjeci to 81)y Inlllerial departiireg disclosed avd explained iii the finoncial stalenienls; and prepare Ihe finl< 1)cial slaletn¢nts on the goiiig coiiceni basis iinless It is inappropriate to presiiiii¢ that tlie onipany Ivill conlii)Lie in bLisiiiess. The Iruslees are responsible for keei)ii)g proper accounting record5 that disèlose with reasoiiable a¢¢iiracy at any liiije tl)e finaiicial position of tlie company and enc2ble Iliem lo eiisiire Ilial Ilie financial slalei))enls coii)ply ivilli tlie Conipanies Act 2006. Tliey are also responsible for 5afegiiarding Ilie assels of the company and heiice for takiiig reasoiiable steps for tlie prevention and deleclioii of fraiid and other irre8ularilies.
Bt'ighton & Hove Seaside Community Homes Limited TRUSTEES, AND DIRECTORS, REPORT For tlie year ended 31 March 2024 STATEMENT OF DISCLOSURE TO AUDJTOR Tlie directors Nvho are ii) office on the date of approval of these finaiicial slaleinenls have confirtned Ihal, as far as they are aivare, tliere is no relev¢1nl aiidil ii)foniialioi) of ivhicli th¢ auditor 15 iinaivare. Each of Il)e directors l)ave coi)fimied that they have lakeii all the steps that ihey oiight lo have taken as directors in order to make themselves aiyare of any relevant audit infonllation aiid to es11< blish that it has beeii comi)Iiinicaled to th¢ auditor. This report h&s been prepared in accordance ivilh the provisions applicable io compaiiies eiitilled lo the sn)all compi1nies' exemptioii. On behalf of the board CJ Carli DIRF,CTOtlnRUS'fEL Dale.. 28" ALigusl 2024
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIGHTON & HOVE SEASIDE COMMLfNITY HOMES LIMITED Oplnion W¢ have aiidiied Ihe finai)cial statements of Brighton &, Hove Seaside Con)niLinity Homes Limited (tl)e'charitable onipany,) for th¢ >'ettr ended 31 lar¢I) 2024 which coi)Iprise the Sialeinei)l of Financial Activities, the Balance Sheet, the Cash Floiy Slalenieiil and iiotes lo the finaiicial stateinents, inclLiding a suniinary of significant accounting policies. The fiiiancial reportin8 frameivork that has been applied in their preparation is applicable laiv and United Kingdoin Accoiinlii)g Standards, including FinanciAI Reporting Standard 102 'The Finaiicial Reporting Standard applicable in Ilie UK and Repiiblic of Ireland, (Uiiited Kingdoin Generally Accepted Accoiinting Practice). In our opinion the financial slalements: give a Irlie and fair vieiv of Ilie slate of the charitable company's affairs as ai 31 Marcl) 2024 and of ils ii)coming resoiirces and application of re5011rces, inclliding its incon)e and e.xpendilLire, for Il)e year then ei)ded' have been properly prepared in accordance iviih Uniled Kingdom Generally Accepted Accounting Pracliee, and have been prepared iii accordance iviil) the reqLiiremenls of the Coinpanies Act 2006. BRsis for oplnlon We condLicled our aiidil in accordance iviili Inlernalional Standards on Auditing (UK) (ISAS (UK)) and applicable laiv. Our responsibilities under those slaiidards are furtlier dcs¢ribed in the Auililor5 respoT)5ibilities for Ihe audit of the financial slalemeiils section of oiir report. We are independent of Il)e charitable conipany in accordance ivith the eilii¢al requirenienls that are relevant lo oiir audit of the fiiiancial statements in Ilie UK, including the FRC'S Ethical Stil1)dard, aiid ive have fiilfilled oiir oiher ethical responsibililies in accordance with tl)ese reqLiiremenls. We believe Ilial the aiidil evidence li'e llave obtained is siifficient ai)d appropriate lo provide a basis for oiir opinion. Coneluslons relAting lo going con¢erii Ii) auditing the finaiicilll statements, Ive have coiicluded Ihal tl)e Iriislees, Iise of the goiiig conceni basis of accounting iii the preparation of the financial statements is appropriate. Based on the ivork ive have perfonned, Ive have i)ol ideiilified any material iincerlainlies relaliiig lo cvei)Is or condilioi)s Ilial, individually or colleclively, may C¢2515i¥iiificanl doiibl on Ihe charitable con)paiiy's ability to ¢ontiiiiie as a going concern for A period of al least livelve Inonihs froni ivlien the financial siaien)eiiis are aiilhorised for issue. Our responsibilitie5 and the responsibilities of Ilie Iriislees iviih respect lo going ¢oiicen) are described in Ilie relevant seclioiis of this report. oilier information The Iriislees are responsible lor the other intormation. The other iiifomialioii comprises the iiifornialion incllided iii the annual report, other Iliaii Ilie fiiiancial slalenieiils and Olir Report of the Independent Aiidilurs Ihereon. Oiir opinion on tlie financial slaieniei)ts does riot Cover the ollier infonnation niid. except lo Ihe exlenl ollienvise explicitly stated in oiir report, Ive do not express any fomi of a5511rance coiiclusion thereon. li) coi)neclion iviil) oiir aiidit of the finaihcial stalen)enls, oiir responsibility is lo read the other infonnalion aiid, in doiiig so, consider iyheiher Ilie other infornialion 15 nialerijlly iiiconsislent iviil) Ilie fiiiancial stiileii)enls or oiir knowledge obiaiiied ii) Ilie aiidil or oiherivi5e api)ears lo be niaterially mi55lated. If ive identify siicli maleiial ii)consisleiicies or apparent rtialerial Inissl<ilei)iei)ts. Ive are reqiiired lo delemiiiie ivlieilier there is a material Inisslalenient li) the fiiiancial stalemenls or a maleriAI misslaleinenl of Ilie ollier inforinatioii. If, based oil Ilie work Ive liave perfornied, Ive conclude Ilial there is a material mi55talenieiil of ihis other infomiation, Ive are reqliired to repon that fact. We have i)othiiig lo report it) Iliis regard. Oi)inion oIi otljer lliAlters preserlbe(I by the ConipAnles Act 2006 In oiir opinioi), based on Ilie ivork tindertakei) ii) IILe coiirse of Ihe aiidit-. the iiiforinalion given in the Report of Ihe Triiste¢s for the fin<l1)cial year for ivhicl) tlie fiiiancial statements are prepared is congistei)t ivith Ilie fii)ancial slaieiiieiiis,. ai)d Ilie Rei)ort of the Triislees has been prepared in accordaiice %viih applicable legal reqLiiremeiils. lalters on ivhich iY¢ are required to repoi'l by exception In tlie light of the knoivledge ai)d iinderslanding of Ilie charitable Cort)pIn}, aiid ils eiiviyoniiienl obt1¢ ined ii) the course of Ihe aiidil, Ive liave not identified Iiialerial lliis51alemeiils iii the Report of th¢ Truslees. We have noil)ii)g to report in resi)ecl of the folloivii)E inatlers where 11)e Conipi< iiies Aci 2006 reqliires 115 to report lo yoii if, iii oiir opiiii(Trn'.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIGHTON & HOVE SEASIDE COMMUNITY HOMES LIMITED adeqiiate ¢1ccouiiliiig records have not beeii kept or returiis adequate for oiir aiidit have nol beei) received froni branches nol visited by LIS. or the fiiiaiicial 5tat¢menls are not in agreemeIit with t]ie accounting records and retums- or certain disclosiires of triistees, reiiiiineration specified by laiv are not Inade. or ve Iiave not received all the iiifom)ation and explaiiations we reqiiire for oiir aiidil. or Ilie IrLislees were iiot eiiliiled to t.¢ advantage of Ihe small conipai)ies exemplioi) froin Il)e requiremenl lo prepare a Strategic Report or in preparing tl)¢ R¢porl of Ilie Trustees. Responsibilities of trustees As explained more fully iii the Slareineiit of Tnislees Responsibilities, the trustees (Ivho are also the directors of Ilie charitable company for the PLirpose5 of compai)y lavv) are responsible for the preparation of the fii)aiicial slalemenls and for being satisfied that ihey give a true and fair vieiv. and for sii¢h internal eontrol as the trustees determine 15 necessary to enable the preparation of fLiiancial statements that are free from rnaterial mi55talemenl, Ivh¢ih¢r di1¢ to fraiid or error. Ln preparing the finaiicial slaiemeiils, the Iruslees are responsible for assessing the ¢liariiable coinpaiiy's ability to coi)liniie a5 a going ¢oiicern, di5closiiig, as applicable, niatlcrs related lo going concern 2¢ nd 115ing Ihe soing coiicern basis of accounting iinless Ilie Iriislees either ii)leiid lo liquidate tl)e ch£Trrilable conipilny or to cease operatioiis, or have iio reali51ic allernalive bul lo do so. Our responsibilitles for the niidll of the tlnAnelAI st#tenients Our objectives are lo obtain reasonable assurance aboiil ivhether the financial slateinenls as a ivliole are free from material misstatement, Ivhether diie to fralid or error, and lo issiie & Report of the Independent Auditors that incliides oiir opinion. Reasoiiable assiirance is a l)igh level of assliraiice, bLIt is not a giiaranlee that ali aiidit condLicl¢d in accordance ivilh ISAS (UK) Ivill alivuys delect a material misslalemenl ivhen il exists. Misstalemenls can arise from fraud or error and are ¢onsid¢red nialerial if, individiially or in Ilie aggregate, they ¢oiild reasonably be expecled lo influen¢¢ th¢ ¢¢onomi¢ dpxisions of Lisers taken on Ihe basis of these finai)cial 51atern¢nt5. Irregiilarities, inclliding fraud, are inslaiices of non-cornpliance iviih laivs and regiilations. We design procediire5 in line ivilli our respoi)sibiliiies, oiiilined above, to delecl Iiialerial iiiisslalemenis in respeci of IeBillar11les, ii)cluding frtsiid. The extent lo Nvliich oiir pro¢¢dures are capable of delecling irregLilarilies, incliiding fraud is detailed beloiv., Based oil our iinderslariding of the charity and ils aclivilies, and through disciission ivitli Ihe Inislees and managemeiil. Ive id¢iilified Ihe principal risks of nialerial iiiisslalemenl both al the financial slalenienl level and ai the assertion level. We considered these risks in Il)e light of V¢irious fiiclors iii¢liiding the level of complexity. subjectivity, iin¢ertiiinty, polei)lial management bias, fraud, 11)ateriality ond any oilier relevant factors. We coiisidered Ilie exleiil to ivliich Iliese iVOLild liave a niaierial impRcl on the financial slnieineiils and designed our audit ivork accordiiigly. Oiir procedure5 incliided the folloiving: Ive obtained an Liiiderslandiny of the legal Rnd regulftiory frAme%vork Ilial Ilie charity operates in, f0¢119ing on those laivs and regulalioi)s that liad It)alerial effect oil the fii)ancial slalenieiils or Il)al liad a fLindamentRI effecl on Il)e operalioiis of ihe cl)arily froim oiir profe5sioiial and seclor experience. We perforiiied analytical procediires to idei)lify any unLlSual or Linexpecled relalioiiship5 that niay indicate risks of i)ialerial tnisstal¢menl diie to fraud, and revieiyed significant or Iinu511al Iran5a¢lioi)s lo identify Ilieiff underlying siipportiiig rationale Ive inspected the n)iniiles of meetings of those charged iviili governaiice, and niade direct enqiiiries of l))finageiiient aiid the board of tnislees concerning the charity's policies and procedLires rel£l1ii)g lo: Identifying, evallialing, and coniplying iviih laivs And regulaiioiis ftiid ivlieilier 11)ey ivere aivare of any instances of i)on-coi))pliaiice' Deleclii)g and responding to the risks of fraud ai)d ivheilier Il)ey h£lve ki)oivledge of ai)y aclii<11, suspected, or alleged fraLId. The internal coiitro15 C51ablished to miligale ri5k5 lated to fraud QT non-conipliaiic¢ ivilli laivs aiid regiilalioi)s. In addressing the risk of fraud Ilirougli iiiai)agenient overrid¢ of contro15, Ive tested the approi)riateiie55 ofjoiinial entries Riid otl)er adjlislrnents, assessed ivhetlier tlie jLidgeii)enls iiiade in Inakii)g accoLinting eslirtiate% ivere iiidi¢alive of a polenlial bias aiid lesled siEnificai)I Iraiisaclions 111111 ivere illll15ll<il or those oiiiside Ilie noriJ)al course of busiiiess.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIGHTON & HOVE SEASIDE COMMLfNITY HOMES LIMITED Ive also Discussed and revielved the charity's busii)ess model and lonvard planning to assess going concern comiiiiinicaled applicable laivs and iegLilations tliiougliout the audit leajn and remained alert lo any iiidicalion5 of non.complian¢e IhToiighoul Ihe audit. r¢vieived the financial statement disclosures and tested these to SLlPPOrting doclimenlalioii to assess compliance with applicable laivs and regulations. Carried oiil siibslanlive testing on incorne and expendiliire Re-performed recoiiciliations of coiilrol accounts. and recalciilaled ilen15 sucli as depreciation There are inherent limiialions in Ili¢ audit pro¢edures described Rbove and, the further reinoved iion-compliance Yiih laws and regulations is from the event5 and transactions reflecl¢d li) the financial statements, the less likely ve ivoiild becon)e aivare of it. We did not identify any key audit niallers relaling to irregiilarilies, including fraud. As in all oiir audits, Ive also addressed the risk of nianagemei)l override of internal controls, incliiding testing joiimals and evaluating ivhelher there evideiiee of inanageinenl bias by Ihe Iruslees that represented a risk of material misslatemenl due to fr<1Ud, A fiirther description of our responsibilities for Ilie aiidil of Ilie fin<incial slalemenls is located 011 the Financial Reporting Coiincil's ivebsile al i¥¥V.fre.or.uklalidl10rsreSponSibilI(I¢s. This descripiioii fonns part of oiir Report of the Indepeiident Aiidilor5. Use of oiir rei)ort This report is made solely lo the ¢harilable con)pany's members, as a body, in accordance iviih Cliapler 3 of Parl 16 of the Conipanies Act 2006. OLir aiidil ivork has been undertaken so that we might stale to Ilie charitable coIMpany's menibers those matters ive are required lo state lo Ihcm in an aLidilors' report and fur no oih¢r purpose. To Il)e fullest exlenl peniiilled by laiv, Ive do not accept or assume responsibility lo ai)yone other Ih&?n the charitabl¢ compaiiy and the charitable compaiiy's niembers as a body. for oiir audit ivork, for this report, or for the opinions Ive have fornied. Shona Ivardrop CA (Senior Sialiilory ALidilor) for aiid on behalf of Chariot Hoiise Limited Chartered Accountant 2nd Sialiilory Auditor 44 Grai)d Parade Bri8litoIi East Sussex BN2 9QA Date.. 10
Brighton & Hove Seaside Coinmunity Homes Limited STATEMENT OF fiNANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) Foi. the year eLided 31 March 2024 Notes 2024 2023 INCON,IE AND ENDOwlENTs FRONI: Charitable activities 5,121,028 5,108.291 Invesliiieiil Income 173,212 52,193 15 Total 5,294,240 5,160,484 EXPENDITURE ON: Charitable activities (5,456,705) (5,332,059) NET EXPENDITURE (162,465) (171,575) RECONCILIATION OF FUNDS.. TOTAL FUNDS BROUGHT FORWARD (7,092,409) 16,920,834) TOTAL FUNDS CARRIED FORWARD (7,254,874) (7,092,409) Th¢ deficil for the year arises froin the ¢haTiIAble company's coiitilllli118 operalions. The slalemenl of financial Activities incliides all gains and1055es recogiiised in Ilie year,
Bi"ighton & Hove Seaside Cominunity Homes Limited BALANCE SHEET As at 31 Marcli 2024 Company Reg)istr¢ltion No. 06861227 2024 2023 Noies FIXED ASSETS Taiigible assets 20,728,138 21.497.847 CURRENT ASSETS Debtors Cash al bank and in hand 764,124 4,623,261 765,780 4,387,499 5,387,385 (810,256) 5,153,279 (712,312) CREDITORS.. ANIOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS 4,577,129 4,440.967 TOTAL ASSETS LESS CURRENT LIABILITIES 25,305,267 25,938,814 C.REDITORS: AklOUNTS FALLING DUE AFTER N,IORE THAN ONE YEAR (32.560,141) 133.031,223) NET LIABILITIES (7.254,874) (7,092,409) LfNRESTRICTED FUNDS Deficiency (7,254,874) 17,092,409) TOTAL DEFICIENCY (7,254,874) 17,092,409) Tliese fiiianciRI stalen)enls have beet) prepared it) accordance ivilh the provisions applicable to coiiipanies siibjecl lo Ihc siiiall compaiiies regin)e. Tl)e fin¢1ncial slaiemeiits on pages I 110 20 ivere approved by the board of direclors aiid aiiiliorised for i5siie 011 28, Aiigiist 2024 and arg signed oi) ils behalf by.. C J Carlisle DIRECTOBThRU 12
Brighton & Hove Seaside Community Homes Limited STATEMENT OF CASH FLOWS For the yecli. ended 31 March 2024 2024 2023 Note CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES 13 603.252 605.213 CASH FLOWS FROIK( INVESTING ACTIVITIES: Purchase of fixed assets (802) CASH USED IN INVESTING ACTIVITIES (802) CASH FLOWS FROfvI FINANCING ACTIVITIES.. Repayrnenls of borro¥ving Cash infloiys from neiv borrowing (367,490) (342.204) NET CASH PROVIDED BY FINANCING ACTIVITIES (367,490 (342.204) CHANGE IN CASH AND CASH EQUIVALENTS IN THE EiEPORTING PEIUOD 235,762 262,207 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD 4,387,499 4,125,292 CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 4,623,261 4,387,499 13
Brighton & Hove Seaside Community Homes Limited ACCOUNTING POLICIES FOT the yeai" elided 31 Marcli 2024 BASIS OF ACCOUNTING The financial statements of the charitable company, Ivhicli is 2 Pliblic bei)efit ei)lity under FRS 102, h42ve beeii prepared iii ac¢ordan¢e iviih Ihe Charities SORP IFRS I02)'AccoLinting ?¢ nd Reporting by Charities.. Sialeineiil of RecoIninended Practice applicable to cliarilies preparing their accoiinls in accordance iviih the Fiiiic ncial Reporting Standard applicable iii Ihe UK ai)d Repiiblic of ireland (FRS 102) (effective l Janiiary 2019), and the Conipanies Act 2006. The financial 51alemenls have been prepared iiiider the historical cost conveiitioii. The fiinclioiial curreiicy of tlie compan), is poiiiids sterling becaiige that is Il)e CLirrency of the economic environmeni in Ivhich li op¢rales. All figiires have been roiinded lo the iiearest pound. As the company has net liabilities, the directors have coi)sidered ivhelher il is appropriate lo prepare Ilie finaiicial staleiiieiils on tlie basis that Ili¢ company is a going concerii. As loiig-term funding ha5 been secured. the directors ¢onsid¢r li appropriat¢ to adopt th¢ going concern basis for the preparation of ils financial siateinenls. INCOMI ING RESOURCES Inconie is recognised ivhen the charity is legally eiililled to il after any perfoTmanc¢ conditions have been met, the aniolinls can be nieasiired reliably, and il is probable thai inconie ivill b¢ r¢ceived. Rental Incon)e is accoiinted for oil Ilie basis of monies receivable diiriiig the year. Inleresl income is recognised ivl)en il is probable Il)at Ilie ecoiionii¢ beiiefils ivill floiv to the ¢liarity and the ai))ount of revenlie can be Ineasiired reliably. TANGIBLE FIXED ASSETS AND DEPRECIATION Tai)gible fixed assets are slated al cost less depreciaLion. Depreciation is piovided al raies ¢alculaled to ivrite off the cost less eslimaied residLial valiie of each asset over ils expected usefvl life. as folloivs.. Land aiid biiildings Leasehold Conipuler eqiiipmenl Fiirniliire, fixliires and fittings Over Ilie life of the lease 3 years oil a slrnighl-lii)e basis 3 years on a slraighi-line basis Depreciation is cAIcLilaled for a fLIII year in Ilie year of acquisition of Ilie assel. Sn)all ilerns of eqiiipmei)i linder £250 in Cost are not capilalised and Are ivrilltii off in rhe year of piirchase. OPERATING LEASES Rentals pAyable linder operaliiig leases are charged RgAiiisl iiiconie on a stTaighi-liiie basis over the lee terni. RESOURCES EXPENDED All expeiidillire is accollllted for oli an accrii&ls basis and lias been classified under headings that aggregate all Costs related lo that category. Expeiidilure is recognised ivhere there is a legal or conslrliclive obligalioii lo Inake paynienls lo Ihird parties, il is probable tl)<lt the setileinenl ivill be required, and the aniount of the obligalioi) ¢aii be i))easiir¢d reliably. All expenditure in¢liidiiig siipport costs and goveriiance costs are allocated or apportioned to the applicable ePe1]di1Ure headings, as noted beloiv.. Siippoi'l c0515 are those Ihat as5151 the ivork of the charity bill do not directly represent charitable activities and incliide office and goveri)ance Costs. They are iii¢iirr¢d directly iii siipporl of expendiliire on the object5 of tlie charity, Ivhere siipport C0515 caniiol be directly Altribiiled lo particiilar headings they are allocated on A basis cotlslslei)I with the iise of the resources. Govemance costs coniprise all costs involving the piiblic aeeoLinlability of tlie charity and ils eonipliance ivitl) regiilalioii good practice. These costs in¢liide costs related lo slaliitory aiidil and legal fees. Ivliere Ili¢y caiiiiol be direcily attribiited lo particiilar headiiigs they are allocated 01) a basks consisl¢iil iviih ihe iise of the resources. VAT As Ilie coiiipany's liirnover c0115iSts of rentlc l irtcoi))e ivl)ich is exeinpl froni IIA T Il)e compftiiy is iiiiable lo recover VAT siiffered oil e.Ipeiidilure. The expeiidiliire headings are slioivji nel of VAT ivliile IeCOVerable VAT is incliided iii total 111)der ils oivn expenditure lieadiiiy. 14
Brighton & Hove Seaside Community Hornes Limited ACCOUNTING POLICIES For the year ended 31 March 2024 LIABILITIES Liabilities are classified <1ccording lo the SLibstan¢e of the contracliial arraiigeiiieiil eiilered iiilo and are slated al their oniinal amount. FINANCIAL INSTRUMENTS The charity 01)ly has financial asset5 and financial liabilities ora kind Ihal qiialify as basic fiiiancial instruments. Basic rinai)cial instriiments are initially recognised al irans£1clion valiie and siibseqiieiitly mettsuied at their setilemenl value Iviili Ilie exceptioii ofbank loans %¥hich are subseqlienily nieasiired ai amoTiised cosl. CASH AT BANK AND IN HAND Casli at bank and cash in lland iiicliides cash and short term highly liqiiid investments iviih a short maturity of three months or less froin ihe date of acqiiisilion or opening of the deposit or similar account. DEVELOPMENT COSTS Costs of legal and professional fees will be capitalised iwhere they a directly ¢illribLIIAble to Ilie orgaiiisalion's initial progrRmni¢ of Iraiisfer of properties from B Tigl)lon & Hove City Council, Legal ond professional fees and other Costs in¢urred in the ruiining of the conipaiiy ttre not capilali5ed lo the cost of Il)e properties biit ivrilten off iii the period the cos15 are inciirred. PENSION CONTRIBUTIONS The cliarity n7akes pension coiilribulion5 on behalf of eligible employees into personal pension plan5. The charity's Contribution is restricted 10 the eonlriblilions disclosed in Note 7. FtrND ACCOUNTING Tl)e charity lias iio restricted or eiidoiviiieiil fLiiids. All fiiiids are, Ilierefore, Lll)re51ricted aiid can be Lised in accordance vilh the cliaritable objects al the discretion of Ilie Irlislees. 15
Bi"ighton & Hove Seaside Community Homes Limited NOTES TO THE FINANCIAL STATEMENTS For the yeai" elided 31 March 2024 NET OUTGOING RESOURCES FOR THE I'EAR 2024 2023 Nel oiitgoing resoiirces ig staled ajler cl)ar8ing'. Deprecialioii of tangible assets Oivned assets Leased a55e15 Operating lease rentals 2,012 767.697 9.914 2,098 767,697 9,540 TAXATION The con)pany is a registered cliarity and as sucli its income and gains falling ivithiii Sections 471 10 489 of Ihe Corporation Tax Act 2010 or Seelion 256 of the Taxation of Cliargeabl¢ G<?ins Act 1992 ftre cxcnipi from corporalioii lax to the exlenl that Iliey are applied lo ils charitable ubjeclives. TANGIBLE FIXED ASSETS Leasehold Land and bliildings Compiiler equipmeiii elc. Total COST Al l April 2023 Addilioiis 29,498,181 33,179 29,531,360 Disposals Al 31 larch 2024 29,498,181 33,179 29,531,360 DEPRECIATION At l April 2023 Charge for Ilie year Disposa15 8,002,677 767,697 30.836 2,012 8,033,513 769,709 At 31 Marcli 2024 8.770,374 32,848 8,803,222 NET BOOK VALUE At 31 Marcli 2024 20,727,807 331 20,728,138 At 31 Marcli 2023 21,495,504 2,344 21,497,847 DEB TORS 2024 2023 Trade debtors 391,773 372,351 391,773 374,007 Other debtors and prepciyI))ents 764,124 765,780 16
Brighton & Hove Seaside Community Homes Limited NOTES TO I'HE FINANCIAL STATEMENTS (CONTINUED) For the ye. elided 31 Mai'ch 2024 C,REDITORS'. ANIOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Taxation and social seciiTity Other creditors Loan - Sanlander 206,192 208.806 134,616 469.448 137.650 365,8)6 810,256 712,312 CREDITORS: AMOUNTS FALLING DUE AFTER klORE THAN ONE YEAR 2024 2023 Other creditors - Brighton and Hove City Coiincil Loan Sai)lai)der 2,266,508 30,293,633 2,268,142 30,763.081 32,560,141 33,031,223 An analysis of ihe ii)aturity of Loan Sanlander is given beloiv.. 2024 2023 An)ounls falling diie iii niore than one year, bill less 11)an l%vo years: 581,808 469,448 Aliiouiils falling due beliveen hvo and five yesirs,, 2,516,625 2.120.655 Amoiii)Is fallin8 diie in more Ihaii five year5: 27,195,200 28,172,978 The other Creditors dLie to Ilie Brigl)lon aiid Hove City Couiicil are repayable ivheii fiiiids becoine available ivhicli as a resiili of ciirrenl cash Iloiv forecasts ivill not be ivithin livelve nioi)ths of Ilie dale of the approval of Iliese fiiiaiicial slalenienls. Brigliton and Hove Se<1side Hom¢s l)as a 30-year fixed rale loan facility iviili Santander ii,hicli eoninienced in Sepleii)ber 201 l. This is accouiiled for as basic fiiiaiicial in51riiiiieiit. Tlii5 15 seciired by a fixed and floating ch£lrge on the asse15 of the com71)Y. The aiiioiinl of the loan ivas £33 millioii. Ivhich ivas draivn doivn over a five-year period. Capital repayments coninieiiced in Sepleinber 2017 ivith repaynienl in fiill by 31 M&rcli 2041. Tl)e conipaiiy is currei)Ily paying rixed interest al a rale of 6.10/0 ivhich ivill iii¢rease lo 6.25Yo in October 2031 iinlil the eiid of the loan period. 17
Brighton & Hove Seaside Community Homes Limited NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Foi. the year ended 31 March 2024 PENSION AND OTHER POST-RETIREklENT BENEFIT COMMITN.IENTS DEFINED CONTRIBUTION 2024 2023 Contribiilioiis payable by the conipany for the year 27,538 25,910 LIABILITIES OF NqENIBERS Under Clause 6 of11)¢ Nl¢morandiin) of Association, every Coiiipany Nlember Linderlakes lo contribute SLICII Ainolinl as niay be required (not exceeding £ l ) to the Company's agsets if il sholild be iVOLiiid lip %vhil¢ h¢lshe is a Member or Iviiliin one year after helslie ceases lo be a Nleniber, for payment of Ilie Company's debis and liabilities conlracted before holshe ceased lo be a Member. and of the costs, charges and expenses of ivinding up, and for Ilie adj1151menl of Ihe rigliis of Ihe ¢onlribulors aillong themselves. FINANCIAL CONIMITNIENTS At 31 Nqarch 2024 the company ivas commilled to niaking the folloiviiig fiiliire ft)iiiit)ium lease pn) ments Linder non- ¢ancellable operAiing leases. Equipmei)I 2024 Land and Buildiiigs 2024 2023 2023 Operating leases iyhicli expire.. Not later than one year Betiveeii livo and five years 385 1,540 385 8,000 14,667 7,101 10 RELATED PARTY TRANSACTIONS 2024 2023 Sl)ort terin creditors oiiinE to Brighton &. Hove City Council al the year end 199,969 192.909 Aniouiils re¢eived from Brighton & Hove City CoLiiiciI on tlie company's behalf in Ilie year Loiig tem ¢reditors oiving lo Brigliloii & Hove City Council al tlie year eild 634,497 450,237 2,266,508 2,268,142 Rental iiicoine received Ill the year froin Brighton & Hove City Council as nian<1gin8 Agents Charges in Ilie year froii) Brigl)lon & Hove City CoLiiiciI for niaiiagemei)É fees 5,121.028 5.108,291 2,357,272 2,274,099 Repayiiieiil of A vailable Monies lo Brighioii and Hove City CoLin¢il 636,131 521,975 There are Ciirreiitly Iliree direclor5 of Ihe conipaiiy ii,ho are also coiiI)cil niember5 of the Brigl)loii aiid Hove City 18
Bi'ighton & Hove Seaside Community Homes Limited NOTES'fo THE FINANCIAL STATEMENTS (CONTINUED) ror the year ended 31 Mairh 2024 I I EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Property manageinent f¢¢s (See i)oie 10) Siipporl costs Depreciation orrice and geiieral overheads Legal and professional fees Finance costs (Sanlaiider Loai)) Audit fee 2,357,272 249,886 769,709 92.183 76,144 1,900.792 10,719 2,274,099 212.618 769,796 80,288 55,907 1,929,789 9,562 5,456.705 5,332,059 12 STAFF COSTS AND TRUSTEES, REMUNERATION 2024 2023 Salaries Social security Pensioii conlribiilion 198,807 13,472 27,538 167,920 12,220 25,910 239,817 206,050 The averAge niimber of einployees for 2024 ivns 5 (2023.. 5) aiid one eiiiployee (2023: one einployee) earned n)ore than £60,000, biit not more Ihaii £ l 00,000. Tlie lol<l1 employee beiiefils of Il)e key managemeiit personnel of11)e cl)arity ivere £125.264 (2023., £113,760). None of Ihe Triislees received aiiy ei)ioluii)enls or other payiiieiil for their services diiriiig eillier year. Foiir Irusteeg iN'ere reinibiirsed expei)ses dliring the )'ear of £909 in lolal {2023'. Tii'o Iruslees. £1,303). These expenses iii¢luded Iravelling expenses and stationery. 13 RECONC.ILIATION ON NET fvIOVEMENTS IN FUNDS TO NET CASH FLOIV FROM OPERATING ACTIVITIES 2024 2023 Net niovemenl in fiiiids Add b<l¢k d¢precialion cl)arge (Ii)ereasellDe¢rease in debtors (Decrease)Ilncrease in ¢ditorS (162,465) 769,709 1,656 (5,648} (171.575) 769,796 18,991 111,999) NET CASH PROVIDED BY I (USED IN) OPERATING ACTIVITIES 603.252 605,213 19
Bi'ighton & Hove Seaside Community Homes Limited NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 Marcli 2024 I4 ANALYSIS OF CHANGES IN NET DEBT At start of year Cash FIoiv5 Other noii-cash Changes At ei)d of year Cash Loaiis fallino due ivithin one year Loai)s falling due after more than one year 4,387,499 (365,856) (33,031,223) 235,762 365,856 1,634 4.623,261 (469,448) 132.560.141) (469,448) 469,448 Tota] (29,009,580) 603,252 {28,406,328) 15 INVESTNIENT INCONqE 2024 2023 Bank Interest Received 173,212 52,193 20